Santiment Network Token: platform overview, features, earning on cryptocurrency
Santiment Network Token is a platform that in the future will become the database of the entire cryptocurrency market. It will collect reviews of existing and new projects, publish analytics. Network members will be able to complement startups reviews themselves, thereby forming a database for new users. The most active will receive a reward in SAN tokens. There will also be a possibility of making forecasts that will form the "opinion of the crowd." The most accurate forecasters will also be rewarded. You will find more on what a SAN is, how the platform works, its advantages and disadvantages, and, of course, how to make money on the cryptocurrency, in the review.
Santiment Network Token - crypto market analytical platform
In accordance with an idea and development strategies, all cryptocurrency market platforms can be divided into three groups: payment systems (BTC, XRP), platforms for creating decentralized applications (ETH, NEO) and startups with their own unique idea. Santiment Network Token (SAN) is an example of such a unique platform that can be called a “black swan” of the cryptocurrency market. While the startup is at the development stage, it is difficult to judge its prospects: if with a good implementation the idea “shoots”, then SAN can easily enter the TOP-50 coins by the level of capitalization. And if not, it will fly out of the TOP-200.
SAN cryptocurrency: the idea behind it, advantages and how to make money on it
The cryptocurrency market is growing all the time. Every month new startups appear. Those unviable disappear. Every day there are news from the developers of existing platforms that are perceived differently by different market participants. "Shitcoins" or so called "junk coins”, which practically do not show growth and are far from the TOP 50 in terms of capitalization. Among them are those who are able to make their way up in time, but a potential investor has to spend hours studying information about them. The information problem, the problem of the lack of reliable information about various cryptocurrency projects, has recently come to the fore, and the developers of Santiment Network Token have proposed a solution.
As conceived by the SAN team, the platform will have to perform the following tasks:
- Forming a base of cryptocurrency projects with a detailed description and forecast for each startup. The users themselves will form the base, the most active of them will receive rewards. In part, the principle resembles Wikipedia, although the developers themselves carry out an analogy in the real world with the analytical resources of Reuters and Bloomberg;
- Making an analogue of a forum, where users and analysts give reasoned opinions "for" or "against" one or another startup. A guest on the platform will immediately see the evaluation of new ICOs and news on already existing projects.
An interesting tool is “mood indicator”. Platform users will be asked to make a forecast for the rate of a cryptocurrency, the “crowd opinion” will be displayed on a chart, access to which will be for a fee. Those whose forecast will be the most accurate will be rewarded. Augur has the idea of a totalizator as well, but it is difficult to call it a competitor of SAN: its main idea is to transfer the bookmaker market to the cryptocurrency world. SAN’s task is different - the creation of an analytical database.
Automatic data collection is also in the development. In general, the scheme will work as follows:
- Collecting analytics on existing projects and ICOs. Moreover, ICOs will be given maximum attention. New startups should be interested in providing data to the SAN team, and users will know exactly where to find the latest information with analytics on new startups.
- Examination of platforms by the SAN team and market analysis. How this will be implemented in practice is a question for now, since the problem of the subjectivity of analysis remains unanswered;
- Moderation of "crowd opinions".
There are similar platform sites in the real world (for example, Investing.com). The developers' goal is to implement them into the cryptocurrency world, where transactions are cheaper, data transfer speeds are higher and more secure. It also assumes the integration of SAN with crypto exchanges - an attempt to attract active traders and investors to the startup.
Santiment platform is based on Ethereum. Algorithm consensus - PoS, mining is not possible.
Advantages of Santiment Network Token cryptocurrency:
- The presence of an interesting idea that in the future could interest both investors and market participants (stock exchanges, etc.), and users who are simply interested in cryptocurrency;
- The presence in theory of a mechanism for implementing the idea of collecting, analyzing and distributing information, the mechanism of collective forecasting;
- The presence in theory of the mechanism of monetization of content, reward system and system of protection of reputation of participants in the system.
In the process of analyzing information and communications, traders get a better understanding of the processes in the market, investors evaluate the potential of a project.
Where to buy and how to store cryptocurrency Santiment Network Token
1. Cryptocurrency exchange. This option remains the most relevant for those who want to make money on SAN growth in the short term. The advantages of stock exchanges are liquidity (the ability to quickly sell a coin if it begins to fall in price) and a large selection of instruments, into which you can transfer money. True, the cryptocurrency has not been listed almost anywhere. So far, 100% of the trading volume comes from Ethfinex, a small pocket exchange that is part of the structure that also owns Bitfinex exchange. A little less than 95% of the trading volumes on this exchange are due to the pair of SAN/USD. You can also buy a coin for BTC and ETH. SAN is present on HitBTC, IDEX and LATOKEN exchanges, but there it has no trading volume.
2. Cold wallets. There are no recommendations on the wallets-partners on the site itself, as well as no wallet of the platform’s (and its development is not planned). The developers offer to keep money on the wallets of cryptocurrency exchanges that are not distinguished by reliability. Therefore, there are few options - universal services (for example, Mist), where SAN wallet will have to be installed manually.
3. Brokers. For coins with high liquidity, trading through brokers is the only way to earn not only from long but also from short positions. The only problem is that cryptocurrencies located outside the TOP-100 are not included in the listing of brokers. You will find a solution to this problem with LiteFinance broker. Not so long ago a new asset was added to the toolkit - a pair of SAN/USD, so that traders had an opportunity to:
- Diversify risks;
- Make money on instruments less subject to speculative capital. For institutional speculators it is more interesting than coins from the TOP-30, where there is more liquidity and trading volumes. For pumps more interesting are the coins from below the TOP-500, costing a few cents;
- Earn on short positions at the times of strong volatility. As shows experience, at the time of panic, small coins in percentage terms fall more in price, but at the moments of growth they are able to bring more profit to investors than the classic BTC and ETH. For example, in the first three months of 2019, the SAN cryptocurrency rate increased by 56% (from 0.32 to 0.5 US dollars). For the same period, the price of the BTC increased only by 12.5%.
Find out the details in the LiteFinance trading account or ask Support Service.
Prospects for investing in SAN for investors
It’s too early to talk about specific prospects for the startup. The idea of an analytical platform itself, where information on all cryptocurrency projects would be accumulated with the possibility of expanding coverage in other areas in the future, is interesting. The possibility of evaluating a project by ordinary users, making forecasts helps to create an overall picture. There are other uses for the platform:
- Niche coverage of opinion polls. Virtual forecasting platforms will expand the sample worldwide, increasing the number of participants hundreds of times. Existing filters allow filtering out sample participants by any attribute;
- Using the results of forecasts on the principle of "crowd behaviour";
- Assessment of the conformity of the crowd opinion with the results of mathematical and statistical approaches.
Alas, this is just theory. The initial plans for creating an analytical platform for cryptocurrency projects remain plans. In addition, the ideas have not yet been implemented, the developers practically do not cover the results of their work. Due to the non-publicity of the project, it seems that the platform will not reach its intended aim, and the price of tokens is still influenced by the overall volatility of the entire market.
The site's blog is updated periodically, but the frequency of publication of articles raises questions. In White Paper, development plans are present only until the end of 2018, and they have clearly not been implemented.
- Recommendation to investors: whatever the prospects for SAN, with LiteFinance you can earn money on price fluctuations in both directions, diversifying risks. Follow the news of the project and the general trend of the market. So far, the main course of prices for SAN tokens is set by BTC and ETH.
Conclusion. The idea of the SAN platform is interesting, but for now it is just an idea. It remains to hope that it will take several more years and the cryptocurrency market will come to its equilibrium state, the issues with its state regulation and integration in the real world will be resolved. And then there will be a need for such analytical resources based on blockchain. In the meantime, SAN cryptocurrency can be interesting only as a tool for risk diversification and an asset for making money on intra-day volatility.
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